Notes to SEFA
Title: A. BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowed or are limited as to reimbursement. Therefore, some
amounts presented in the Schedule may differ from amounts presented in, or used in the preparation
of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Council has elected to use the ten percent de minimis indirect cost rate, as allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the award
activity of the Emerald Coast Regional Council (the Council) under programs of the federal
government for the year ended September 30, 2024. The information in this Schedule is presented
in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the
Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the
Council, it is not intended to, and does not, present the financial position or changes in net position
of the Council.